Signs Appear Suggesting Chinese Government May Have Entered Cryptocurrency Market

Several hints show that Chinese Government might have entered the cryptocurrency market

32465Total views

659Total shares

Much Wow

After Chinese government’s ban of ICOs last month, there are continuous rumors saying that Chinese government is preparing to enter the cryptocurrency market. However, no official announcement has been made to verify the rumor.

Before Oct. 10 Beijing time, there was no substantial evidence backing up these rumors. Nevertheless, a few hints might show that Chinese government is entering, or has already entered the market.

Ping An Bank’s involvement

On Oct. 10, the updated Biance APP shows that the developer of the APP is Ping An Bank Co., Ltd, which is a Chinese joint-stock commercial bank, with its headquarters in Shenzhen with a government background.

Biance has issued its token coin, called the Bianace Coin(BNB) three months ago. It runs negatively on the Ethereum Blockchain with ERC20. On the same day, China Bitcoin also updated its APP, and the developer is Xiamen Local Taxation Bureau.

"Maybe Ping An Bank’s involvement can be explained as commercial activities, but Xiamen Local Taxation Bureau’s control over China Bitcoin demonstrates the Chinese government’s interest in ICO and Bitcoin."

Until now, there’s still no official confirmation. Nobody can be one hundred percent sure what Chinese government is going to do next.

In fact, the CEO of Biance just claimed that Ping An Bank did not purchase Biance. However, he didn’t explain why the developer of Biance’s APP is Ping An Bank now. Meanwhile, Xiamen Local Taxation Bureau hasn’t said anything yet.

Though the CEO of Biance refuted the “rumor”, there’s still no solid evidence or explanation proving that whether the Chinese government has entered the market or not.

Considering the size of the Chinese market, if the government indeed gets involved in the market, an earthquake is about to happen.